Mar 12, 2020
Budget virus plan 'substantial' but 'limited'
EPA The Budget measures to tackle the coronavirus are substantial, but limited, according to the Institute for Fiscal Studies. The IFS gave its assessment the day after the chancellor announced a £12bn package to mitigate the economic effects of the virus. The IFS also described the Office for Budget Responsibility's forecasts for the UK economy as "Very weak", even before factoring in long-term effects from the coronavirus. The increased spending in this Budget is being largely paid for with a big increase in government borrowing. The government expects to borrow almost £100bn more in this Parliament than was expected the last time in previous forecasts.
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